Senate Passes First Federal Budget In Four Years

The US Senate has narrowly passed its first federal budget in four years in a move which seeks to raise nearly $1 trillion in new tax revenues.

The budget plan was passed by a 50-49 vote in the Democratic-controlled chamber, with four Democrat senators facing tough re-election campaigns in 2014 joining Republicans in opposing the measure.

But it will square off in the next few months against a Republican-focused budget passed by the Republican-dominated House of Representatives.

Neither of the non-binding blueprints has a chance of passage in the opposing chamber, leaving Congress no closer to resolving deep differences over how to shrink US deficits and grow the economy.

Republican Paul Ryan's (L) budget passed a House vote

The Democrats' plan from Senate Budget Committee chairman Patty Murray aims to reduce deficits by $1.85 trillion over 10 years through an equal mix of tax increases and spending cuts.

The Republican plan from House Budget Committee chairman Paul Ryan seeks $4.6 trillion in savings over the same period without raising new taxes.

It aims to reach a small surplus by 2023 through deep cuts to health care and social programmes that aid the poor.

Mrs Murray said after the vote on Saturday she would try to work with Mr Ryan on a compromise.

"While it is clear that the policies, values, and priorities of the Senate budget are very different than those articulated in the House budget, I know the American people are expecting us to work together to end the gridlock and find common ground, and I plan to continue doing exactly that," she said.

In 2011, a similar fight over the debt limit shook financial markets and cost the US its top-tier credit rating.

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